SHAPE Australia Completes APS Buy to Bring Retail Manufacturing In-House
Acquisition completed: SHAPE welcomes Australian Professional Shopfitters into the fold
SHAPE Australia (ASX: SHA) has completed its acquisition of the entire issued capital of Australian Professional Shopfitters Pty Ltd (APS), effective 1 July 2026. The transaction expands the national fitout specialist’s retail capability and adds in-house manufacturing and procurement to the business.
First announced on 28 May 2026, the deal has now satisfied all conditions precedent, with completion occurring on 1 July 2026.
APS is described as a vertically integrated retail shopfitting business specialising in the design, manufacture and delivery of shopfitting solutions for multi-site retailers across Australia.
Key details of the acquisition include:
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Target: Australian Professional Shopfitters Pty Ltd (100% of issued capital)
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Original announcement date: 28 May 2026
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Completion date: 1 July 2026
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APS track record: more than 28 years in business
The announcement did not disclose a transaction value or consideration for the deal.
The original APS acquisition announcement disclosed total consideration of up to $29.4 million, comprising $20.4 million upfront and up to $9.0 million in performance-linked earn-outs, alongside an implied EBITDA multiple of approximately 3.8 times and projected normalised EPS accretion of around 57% in the first full year of ownership.
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What APS adds to SHAPE’s retail offering
According to SHAPE, APS brings manufacturing and procurement capability alongside strong relationships across leading retail brands and a proven track record delivering national rollout programmes. This strengthens the company’s ability to support clients with “repeatable retail work at scale.”
Together with Arden, the acquisition broadens SHAPE’s retail offering across four areas:
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Flagship store delivery
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National rollout programmes
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Refurbishments
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Ongoing maintenance programmes
CEO Peter Marix-Evans framed the added capability as one that can be leveraged across SHAPE’s existing core business over time.
Peter Marix-Evans, CEO of SHAPE Australia
“APS strengthens our ability to support clients with repeatable retail work at scale and adds valuable manufacturing and procurement capability to the business. Together with Arden, it broadens our retail offering across flagship store delivery, national rollouts, refurbishments and ongoing maintenance programmes across Australia, while also adding capabilities we can leverage across our existing core business over time.”
Understanding vertically integrated shopfitting
Shopfitting refers to the design, manufacture and fitout of retail store interiors, covering everything from fixtures and displays to complete store layouts. It is the process that turns an empty retail space into a functioning, branded store.
A vertically integrated shopfitting business controls multiple stages of this process in-house, from design through manufacture through to delivery, rather than outsourcing individual steps to third parties.
Where this fits in SHAPE’s broader business
SHAPE Australia is a leading national fitout and construction services specialist, headquartered in Sydney with operations in all capital cities and key regional centres. The company delivers interior, new build, and modular construction projects across sectors including office, defence, education, health, hotels, retail, entertainment & recreation, and more.
SHAPE is backed by a team of more than 900 professionals, an award-winning company culture, a Net Promoter Score of +87, and three decades of experience.
SHAPE’s FY26 trading update, released in May 2026, pointed to record project wins exceeding $1.16 billion, NPAT guidance of $30.0-$32.0 million, and a forward pipeline of approximately $4.2 billion, providing the financial backdrop against which the APS integration will now proceed.
| Feature | Detail | Why it matters to investors |
|---|---|---|
| Acquisition | 100% of APS issued capital | Full ownership and control |
| Completion | 1 July 2026 | Deal now closed |
| APS heritage | 28+ years | Established brand relationships |
| Added capability | Manufacturing & procurement | Supports repeatable retail work at scale |
| Combined offering (with Arden) | Flagship, rollouts, refurbishments, maintenance | Broader end-to-end retail solution |
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What comes next
Management’s stated focus is on integrating the APS team and leveraging the added capabilities across SHAPE’s existing core business over time, as noted by the CEO. No financial guidance or integration timeline was disclosed in the announcement.
The announcement was authorised for release by the Chief Executive Officer.
With APS now fully acquired, SHAPE has expanded its retail footprint and strengthened its end-to-end capability across the Australian market.
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